Appropriate
AFSL
for
Derivatives
and
foreign
exchange
advisers
and
dealers?
A
specific
authorisation
in
your
AFSL
will
be
required
for
those
who
provide
advice
or
deal
in
derivatives
or
foreign
exchange
products.
Derivatives
include
a
wide
range
of
products
including
futures,
options,
contracts
for
difference,
swaps,
margin
fx
etc.
What
is
the
process
for
applying
for
an
AFSL
–
authorisation
in
derivatives
or
foreign
exchange?
1.
Lodgment
of
the
electronic
application
on-line
with
ASIC
(hard
copy
and
proofs
to
be
lodged
within
20
days
of
finalising
on-line
application);
2. Nomination
of
appropriately
experienced
and
skilled
Responsible
Managers;
3. Lodgement
of
the
following
proofs
(together
with
supporting
documentation)
with
the
initial
application:
- A5
Business
Description
- People
proof
for
each
nominated
Responsible
Manager(this
comprises
the
2
business
references,
police
check,
insolvency
check
and
the
Statement
of
Personal
Information)
- B1
Organisational
Expertise
Table
- B5
Financial
Resources
(together
with
financial
statements)
4.
Lodgement
of
some
or
all
of
the
following
statements
(‘proofs’)
within
10
business
days
of
a
specific
request
by
ASIC,
together
with
supporting
documentation
(evidence,
policies
&
procedure
manual,
certain
disclosure
documentation
etc):
- B2
Development
Program
for
Responsible
Managers
- B2
Industry
Standards
Compliance
- B3
Compliance
Arrangements
- B3
Outsourcing
Statement
- B3
Conflicts
of
Interest
Arrangements
- B4
Program
for
monitoring,
supervision
and
training
of
Representatives
- B5
Human
Resources
Capacity
Statement
- B5
Information
Technology
Capacity
Statement
- B6
Dispute
Resolution
System
Statement
- B7
Risk
Management
System
Statement
- B8
Compensation
Capacity
Statement
- B9
Research
Statement
- C3
Market
Maker
Statement
- C4
Derivatives
Statement C5
Foreign
Exchange
Operating
Statement
5. Preparation
of
requisite
documentation,
including:
- Derivatives
and/or
FX
Client
Agreement;
-
Product
Disclosure
Statement
for
each
product;
and
-
Financial
Services
Guide.
What
can
Block
Legal
&
Compliance
do
for
derivatives
and
FX
advisers/dealers?
1. advise
you
regarding
ASIC
requirements
and
the
appropriate
authorisations
to
obtain;
2. project
manage
or
review
your
AFSL
Application
or
Variation;
3. draft
policies
and
procedures
(including
comprehensive
Compliance
Manual)
and/or
application
proofs;
4. liaise
with
ASIC
to
finalise
your
AFSL
application
or
variation;
5. provide
training
and
workshops
to
staff
and
Boards
regarding
the
process
and
applicable
legal/regulatory
requirements;
6. provide
specialised
assistance
in
key
areas
such
as
drafting
of
Client
Agreements
and
disclosure
documentation;
7. review
and
advice
regarding
marketing
materials
and
website
disclosure;
8. provide
implementation
advice
and
guidance
once
AFSL
is
obtained;
and
9. provide
ongoing
compliance
oversight
and
reviews,
and
training,
once
AFSL
has
been
granted/varied.
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